Programme on the BdL Market

Listing on the BdL market will in most cases require submission of a base prospectus to the CSSF. Once your base prospectus has been reviewed and approved, tranches will be listed and admitted to trading.

  • It is not mandatory to appoint a listing agent to list at LuxSE; you can submit applications directly with us. However, you may choose to appoint a listing agent to submit requests on your behalf.

    Our listing members can act as a listing agent for you.

    See our listing members
  • To list under a programme on the BdL market, an issuer must first file a base prospectus with the CSSF. Send your base prospectus to prospectus.approval@cssf.lu or visit the CSSF’s website for more information.

    Prospectuses (CSSF)

    Note that some issuers, such as supranationals, should instead send their base prospectus directly to LuxSE for approval, in accordance with Part 3, Chapter 2 of the Prospectus Law.

    Prospectus Law (CSSF)
  • In order to list on the BdL market, securities issued under a programme must fulfil the following criteria, among others:

    • Securities are eligible for clearing and settlement
    • Securities are freely negotiable and fungible

    There is no minimum issue size for securities to be listed under a programme.

    See Part 1, Chapters 5 and 7 of the Rules & Regulations for full details of our listing requirements.

    Rules and Regulations
  • In order to admit securities to trading under the programme, the following should be filed with LuxSE.

    • A copy of the Final Terms (pricing supplement) 
    • Information about the legal entity assuming the payment of the listing and maintenance fee
    • First listing price (current market price)
    • Closing confirmation
    • Split of RegS - Rule 144A Notes (if applicable)

    There is no need to complete a new application form to list tranches under a programme. A request for admission should be filed no later than noon on the day prior to scheduled listing.

  • Approval fees are to be paid to the CSSF. Details of the CSSF’s fees can be found here.

    Fees - CSSF

    Listing and maintenance fees are paid to LuxSE. All fees are paid in euros.

    • Programmes
        New Update Supplement
      Approval fee
      (if and as applicable)
      2,500 1,000 600
      Listing fee 2,000 1,000 6001
      Tranches
      Approval fee
      (if and as applicable)
      Drawdown/Unitary prospectus
        600
        Single fee Fungible
      Listing fee 600 600
      Maintenance fee Issued amont
      (in € million)
      Per security per year
        Up to 50 300
        Up to 100 450
        Up to 500 500
        More than 500 600

      (1) Applicable only if the supplement includes an increase in the nominal amount

    • Programmes
        New Update Supplement
      Approval fee
      (if and as applicable)
      2,500 1,000 600
      Listing fee 2,000 1,000 6002
      Tranches
      Approval fee
      (if and as applicable)
      Drawdown/Unitary prospectus
        600
      Listing fee Single fee Fungible
        500 600
      Maintenance fee number of tranches3 Per tranche per year
        From 1 to 500 300
        From 501 to 1,000 200
        Starting from 1,001 0
      (2) Applicable only if the supplement includes an increase in the nominal amount
      (3) Range applicable is based on the total number of new tranches (including fungibles) listed during the calendar year

       

    For more details about fees, see our listing fees booklet:

    Listing fees booklet
  • After listing and admission to trading, issuers are required to fulfil specific reporting obligations. Issuers must file documents containing regulated information with the CSSF, as outlined under the Law of January 2008 (as amended), which implements the requirements of the EU Transparency Directive.

    Issuers must also file information and scheduled corporate events with LuxSE (Part 1, Chapter 9 of the Rules & Regulations).

    Rules and Regulations

    Issuers on the BdL market can take advantage of LuxSE’s FIRST, a dedicated service where issuers can simultaneously distribute publications to the market, the Officially Appointed Mechanism (OAM) and the CSSF.

    FIRST
  • In the context of MiFID II / MiFIR and MAR, the LuxSE is obliged to collect a ‘Legal Entity Identifier’ or ‘LEI’ code from any issuer operating on its regulated market (Bourse de Luxembourg) and on its Multilateral Trading Facility (Euro MTF) and communicate it to the relevant supervisory authorities.

    You can apply for and renew an LEI code directly via LuxSE.

    LEI code

If you need more information

Contact us




portrait-API.jpg
Alex Picco

Head of Listing

+352 47 79 36 261 api@bourse.lu